[SMM Nickel Intermediate Product Daily Review] May 8: MHP and High-Grade Nickel Matte Nickel Prices Declined, Cobalt Prices Rose

Published: May 8, 2026 13:33

Save

As of now, the FOB price of Indonesian MHP nickel was $17,629/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,992/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 89.5-91, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $17,655/mt Ni.

As of now, the FOB price of Indonesian MHP nickel was $17,629/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,992/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 89.5-91, and MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $17,655/mt Ni.

MHP market: Supply side, spot cargo circulation was low, with some sellers suspending quotations. Additionally, as Indonesia's recent HPM adjustment may drive up wet process costs, coupled with expectations of reduced MHP supply caused by sulphur, nickel payables of some producers rose. Demand side, China's ternary market demand recovered somewhat this month, and procurement demand for nickel sulphate rebounded. Looking ahead, upstream cost support and downstream demand recovery coexist, and MHP nickel and cobalt payables are expected to operate on the stronger side overall, with upside room influenced by nickel sulphate prices.

High-grade nickel matte market: Supply side, available volumes in the market were tight, and seller quotations remained firm. Demand side, the economics of using high-grade nickel matte for enterprises that purchase externally were currently stronger than using MHP. Under tight supply and demand, nickel payables were supported at high levels. Looking ahead, with expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is expected to become more prominent, making it difficult for nickel payables to decline.

[For more content, please subscribe to SMM Nickel Research Group products "China Nickel-Chrome Stainless Steel Industry Chain Regular Report" and "China Nickel-Chrome Stainless Steel Industry Chain High-End Report" to accessthe latest nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore,ferrochrome, and stainless steel (China + Indonesia) related data analysis and market interpretation!]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

20 mins ago

[SMM Stainless Steel Flash] EU Steel Safeguard Quotas Delayed to Last Minute; Melt & Pour Consultation Now Open

The EU's Directorate-General for Trade plans to publish country-specific steel import quotas only in the final week of June, just few days before the safeguard successor measure takes effect on July 1, 2026. The new framework imposes 50% tariffs and reduces import quotas by 47%, placing a significant burden on Europe's steel-processing sector. Critics argue the delayed publication undermines business planning and may conflict with Article 41 of the EU Charter on the right to good administration. Separately, the Commission has launched a consultation on Melt & Pour proof-of-origin requirements under the EU Steel Regulation, running from June 4 to July 2, 2026. The implementing act will determine documentation standards for importers proving where steel was melted, with overly burdensome requirements risking disproportionate impact on SMEs versus large integrated producers.

20 mins ago

1 hour ago

Data: SHFE, DCE market movement (Jun 08)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 08 Jun , 2026

1 hour ago

3 hours ago

[Lithium Battery: Hanrui Cobalt Plans To Invest In Production Lines For 40,000 Tons Of Battery-Grade Nickel Sulfate]

On June 6, Hanrui Cobalt disclosed that it plans to invest in the construction of the "Annual 40,000-Ton Electrolytic Nickel and 40,000-Ton Battery-Grade Nickel Sulfate Project" in Ganzhou City, Jiangxi Province, through its wholly-owned subsidiary, Ganzhou Hanrui New Energy Technology Co., Ltd. The total investment for the project is 2,002.5278 million yuan, and the project funds will come from the company's own funds or self-raised funds. With the completion and operation of the company's nickel resource smelting base in Indonesia, raw materials for this investment project will in the future be partially supplied directly from the Indonesian base, achieving an ecological闭环 in the nickel industry chain from resources to materials.

3 hours ago